Treasury Secretary Urges Senate to Advance Crypto Regulation Bill

US Treasury Secretary Scott Bessent called on lawmakers to move forward with the Digital Asset Market Clarity Act once the Senate returns from its August recess, warning that failing to pass the legislation would send a troubling signal about America’s standing in the global digital asset industry. He urged negotiators to stay engaged and agree to advance the bill through the legislative process.

Bill Faces Uncertain Path Forward

The CLARITY Act aims to establish the first comprehensive federal regulatory framework for digital assets in the United States. While the National Sheriffs’ Association recently shifted its position on the bill from opposition to neutral, market analysts at Galaxy have repeatedly lowered their odds of the bill passing this year, now estimating just a 10% chance, down sharply from 75% earlier this year.

Opposition Centers on Stablecoin Yield Rules

Although the bill cleared the Senate Banking Committee in May, it has faced pushback from most Democrats and the broader banking industry, who argue the legislation would allow crypto companies to offer yield-bearing stablecoin products without the same regulatory requirements banks must follow. The Senate is scheduled to reconvene next Monday, setting up a pivotal period for the bill’s future.